Coronavirus on the US Housing Market

Impact of the Coronavirus on the US Housing Market

Impact of the Coronavirus on the U.S. Housing Market | MyKCM

Firstly, Coronavirus (COVID-19) has caused massive global uncertainty.  This includes a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.

With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?

The National Association of Realtors (NAR) anticipates:

“At the very least, the coronavirus could cause some people to put home sales on hold.”

While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.

For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.

According to the National Association of Home Builders (NAHB):

“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”

This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.

Bottom Line

The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.  Finally, we do not anticipate much effect for the Coronavirus on the US Housing Market.

Free Home Value Estimator

Free Home Value Estimator

 

 

Home Value Estimator
Home Value Estimator

Getting an accurate value of your home can be difficult.  Firstly, without understanding the nuances of the real estate market, establishing the market value can prove difficult.

Moreover it is very important to establish a relationship with a real estate team.  For Instance, the McLain Realty Team conducts hundreds of Broker Price Opinions each and every year.  This process will lead one to get the most accurate NJ Home Value.  As a result, we have established a site with the most up to date information and algor

It can be difficult at times to get an accurate value of your home.  Without understanding the Real Estate Market fully, getting an accurate NJ Home Value Online would prove impossible.  Similarly most of the popular websites will give you absolutely inaccurate information.  Further, they take all of the sales in the area near your home.  These include foreclosures, short-sales, etc.  Again, these homes should not be taken into account with your valuation.

NJ Home Value Online takes the guesswork out for you.  Ofcourse it is still absolutely necessary for the real estate agent to view the interior of the home in person.  This will allow all of the improvements and small details that could possibly be missed with the result through our online purposes.

Free Home Value Estimator

Finally, contact us for More Information and to set up your FREE Complimentary Home Valuation.

www.NJHomeValueOnline.com

McLain Realty Team

John McLain

Office:  908-923-4538  Cell: 908-878-9356

REMAX365NJ@Gmail.com

Strength of the Economy is Surprising for Real Estate

Strength of the Economy Is Surprising the Experts

Strength of the Economy Is Surprising the Experts | MyKCM

We’re currently in the longest economic recovery in U.S. history. That has caused some to ask experts to project when the next economic slowdown (recession) could occur. Two years ago, 67% of the economists surveyed by the Wall Street Journal (WSJ) for the Economic Forecasting Survey predicted we would have a recession no later than the end of this year (2020). The same study done just three months ago showed more than one third of the economists still saw an economic slowdown right around the corner.

The news caused concern among consumers. This is evidenced by a recent survey done by realtor.com that shows 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur by the end of this year.

Wait! It seems the experts are changing their minds….

Strength of the Economy is Surprising for Real Estate

Now, in an article earlier this month, the Wall Street Journal (WSJ) revealed only 14.3% of those economists now believe we’re in danger of a recession occurring this year (see graph below):Strength of the Economy Is Surprising the Experts | MyKCMThe WSJ article strongly stated,

“The U.S. expansion, now in its 11th year, will continue through the 2020 presidential election with a healthy labor market backing it up, economists say.”

This optimism regarding the economy was repeated by others as well.

CNBC, quoting Goldman Sachs economists:

“Just months after almost everyone on Wall Street worried that a recession was just around the corner, Goldman Sachs said a downturn is unlikely over the next several years. In fact, the firm’s economists stopped just short of saying that the U.S. economy is recession-proof.”

Barron’s:

“When Barron’s gathers some of Wall Street’s best minds—as we do every January for our annual Roundtable—we expect some consensus, some disagreement…But the 10 veteran investors and economists who convened in New York on Jan. 6 at the Barron’s offices agree that there’s almost no chance of a recession this year.”

Washington Post:

“The U.S. economy is heading into 2020 at a pace of steady, sustained growth after a series of interest rate cuts and the apparent resolution of two trade-related threats mostly eliminated the risk of a recession.”

Robert A. Dye, Chief Economist at Comerica Bank:

“I expect that the U.S. economy will avoid a recession in 2020.”

Bottom Line

There probably won’t be a recession this year. That’s good news for you, whether you’re looking to buy or sell a home.  Strength of the Economy is Surprising for Real Estate

Reasons to Buy a Home This Fall

Reasons to Buy a Home This Fall

4 Reasons to Buy a Home This Fall | MyKCM

Here are Reasons to Buy a Home this Fall

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase Next Year

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is needed to buy your next home.

3. Either Way, You Are Paying a Mortgage 

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you are paying a mortgage – either yours or that of your landlord.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing costs to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears both are on the rise.

But, what if they weren’t? Threfore, Would you wait?

Look at the actual reason you’re buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over custom renovations, maybe now is the time to buy.

Bottom Line

Finally, Buying a home sooner rather than later could lead to substantial savings. Let’s get together to determine if homeownership is the right choice for you and your family this fall.

Best Luxury Real Estate Agent

Best Luxury Real Estate Agent

 

Luxury Home Realtor
Team sells the Luxury Market

Do you have a Luxury Home or Property and Need the best luxury real estate agent?  We have great news for you!  Our Team has sold, and for Top Dollar, Many Luxury Real Estate.

Firstly, our Luxury Division is set up for just one thing, selling the luxury market.  Whether you have a Mansion for sale in Hunterdon County or an Estate in Alpine NJ, we can handle it all.  Through our exclusive systems, we know and understand what it takes to get these types of properties sold.

Secondly, our team understands the complex nature of the Luxury Home for Realtor.  For this reason, we have engineered a unique marketing systems that sells the luxury market.  Our Luxury Home Realtor Team delivers on simply that, selling the luxury market.  Accordingly, selling luxury homes, mansions and estates in the market may take longer, but we get top dollar.  Although we service the entire market, our Luxury Home division caters to only the High End Properties.

In fact, we utilize all resources, exposure, and innovative programs that we have to offer.  We go above and beyond to implement specific and specialized marketing and sales techniques for our luxury clients.  As a matter of fact, we cater to each individual property differently.

Finally, our over-sized clean and sharp looking luxury sale signs and high gloss brochures are set to target the main luxury sites.  We also target specific publications, demographics and our Luxury Home Realtor simply does it all.

Contact Us for Immediate Concierge Service:

RE/MAX 365

Office: 908-923-4538      REMAX365NJ@Gmail.com

Regency at Readington Carriages Toll Brothers

Regency at Readington Carriages Toll Brothers

Regency at Readington Carriages
Regency at Readington Carriages New Construction Toll Brothers

First, the Regency at Readington Carriages Toll Brothers is a Luxury Carriage-Style Community, built by Toll Brothers.

This Active Adult Community features resort-style amenities with a low-maintenance lifestyle.

Equally important, they deliver the homes to Specifications through Spring 2020.  The Carriages Collection features townhome-style carriage home designs.  Moreover, these designs are perfect for active adults.   Owners can easily stroll over to the resort-style community clubhouse.  Additionally, the community clubhouse has over 4,300 Square Feet of indoor recreation.  The outdoor amenities abound with on-site amenities, such as putting green, boccee court, walking trails, gated lot, and outdoor swimming pool.

The Regency at Readington is close to major shopping plaza’s, unlike other 55+ communities.  A buyer can expect low-maintenance living with all snow removal provided and lawn care taken care of efficiently and effortlessly.

Call us Today or Visit or Site Here:  It is important to remember, that the sales greeters do not work for you.  Hire us for Free in order to get the lot, home and specs you want at the price and terms you want.

Our New Construction Division handles all New Construction situations.  If your agent is not prepared for the contract process, you may be in for a rude awakening. We help clients with the tools to test materials, color options, and planning of your unit.

908-923-4538

REMAX365NJ@Gmail.com

New Jersey Short Sale Specialists

New Jersey Short Sale Specialists

Firstly, at RE/MAX 365, our New Jersey Short Sale Specialists is the Leading Short Sale Negotiation Company.  We are the Top Short Sale Company on the East Coast.

If you or someone you know needs help, We are here for you.  We are your one-stop shop for the most superior Short Sale Negotiation Services.

In addition, we offer a true, all-inclusive Short Sale Negotiation suite of services.  Also, we represent and help attorneys, homeowners and other real estate professionals.

Equally important we have perfected our negotiation process so thoroughly that we are confident in our ability to get the Short Sale Contract approved and Fast!

Home Owners

Do you owe more than your home is worth and need to sell now?  Well, if you are not sure what to do, we have the answer for New JeNew Jersey Short Sale SpecialistsShort Sale Specialists.

In addition, you have probably heard horror stories about foreclosures, the banks and Short Sales.  It is not all bad and YOU have Options!

In light of, you can ultimately sell your home, avoid bankruptcy and foreclosure.  This will save your credit and you could possibly walk away with no debt or tax consequences.  Furthermore, you can do all of this by means of a short sale.

PROPERTY OWNERS

Are you one of the THOUSANDS of Homeowners who need to sell, but owes more on your home than it is worth? If you are wondering or ever have wondered what your options are in dealing with your lender, we have great news for you.

Through a process called a short sale, we can help you:

  • Avoid foreclosure and bankruptcy
  • Help Save your credit
  • Sell your home for less than what you owe your lender
  • Possibly walk away from with no debt or tax consequences

If you owe more money than your home is worth, and you Must Sell, our Short Sale New Jersey Team can Help you!  We will sell your home quickly, easily and for the most amount of money.  But, most importantly, you will not foreclosure or declare bankruptcy.

Not to mention, you will pay absolutely nothing in agent commissions.  You may also possibly owe nothing to your lender.   Foreclosure and bankruptcy will stain you credit for 7 years. Instead of having to wait 7 years to buy another home, you may be able to buy again within 24 months, even less in some instances.

Unfortunately, most real estate agents, and mortgage brokers are not experienced in short sales.  They do not have the necessary experience to move along the short sale transact with speed and efficiency.   Moreover, short sales are time intensive transactions and require detail-oriented processing in order to get the job done correctly.  If your agent slacks off, drops the ball, makes a mistake in the short sale process, you could very well wind up in a horrible situation with respect to you lender.

Time is of the Essence

Whether you are thinking about selling your home and participating in a short sale, time is of the essence. The sooner you start the process, the more options you will have. Procrastinating is the worst mistake you can make.  Additionally, all it takes is a phone call to get started. Because each situation is unique,  it is best to contact us for a FREE one-on-one consultation in order to understand your options!

Finally, at RE/MAX 365, our team is comprised of expert negotiators, attorneys, and real estate professionals with our goal to educate and assist homeowners.  This way you can make the right selling decision for whatever your personal financial situation may be.  Most believe that short sales are a real estate issue.  This is not true.  Short sales are a mortgage lending issues and we have the experience and knowledge to be successful.

Confidence in Housing at an All-Time High

Confidence in Housing at an All-Time High

Housing is at an All Time High

Firstly, Fannie Mae just released the July edition of their Home Purchase Sentiment Index (HPSI). The HPSI takes information regarding consumers’ confidence in the real estate market from Fannie Mae’s National Housing Survey and condenses it into a single number. Therefore, the HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions.

Great News! The index reached its highest level since Fannie Mae began their survey. Breaking it down, the report revealed:

  • The share of Americans who say it is a good time to buy a home increased from the same time last year.
  • The share of those who say it is a good time to sell a home increased from the same time last year.
  • The share of Americans who say they are not concerned about losing their job over the next 12 months increased dramatically (16 percentage points) from the same time last year.
  • The share of Americans who say mortgage rates will go down over the next 12 months increased dramatically (24 percentage points) from the same time last year.

In addition, the day after the index was released, Freddie Mac also announced the 30-year fixed-rate mortgage rate fell to its lowest level in three years.

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae explained the uptick in the index:

“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges. Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.”

Bottom Line

Finally, Consumers are feeling good about the real estate market. Since Americans are not worried about their jobs, see mortgage rates near an all-time low, and believe it is a good time to buy, the housing market will remain strong for the rest of the year.

 

For More Information, Contact RE/MAX 365

NJ Award Winning Real Estate Team

Office: 908-923-4538

remax365nj@gmail.com

 

When Will the Next Recession Happen?

When Will the Next Recession Happen ?

When Will the Next Recession Happen
When Will the Next Recession Happen

We’ve experienced economic growth for almost a decade, which is the longest recovery in the nation’s history. Experts know a recession can’t be too far off, but when will this economic slowdown actually occur?

Pulsenomics just released a special report revealing that nearly 6 out of 10 of the 90 economists, investment strategists, and market analysts surveyed believe the next recession will occur by the end of next year. Here’s the breakdown:

  • 9% believe a recession will occur this year
  • 50% believe it will occur in 2020
  • 35% believe it will occur in 2021
  • 6% believe it will occur after 2021

When asked what would trigger the next recession, the three most common responses by those surveyed were:

  1. Trade Policy
  2. Stock Market Correction
  3. Geopolitical Crisis

How might the recession impact real estate and When will the Next Recession Happen?

Challenges in the housing and mortgage markets were major triggers of the last recession. However, a housing slowdown ranked #9 on the list of potential triggers for the next recession, behind such possibilities as fiscal policy and political gridlock.

As far as the impact the recession may have on home values, the experts surveyed indicated home prices would continue to appreciate over the next few years. They called for a 4.1% appreciation rate this year, 2.8% in 2020, and 2.5% in 2021.

Bottom Line

On the same day, in the same survey, the same experts who forecasted a recession happening within the next 18 months also claimed housing will not be the trigger, and home values will still continue to appreciate.  One thing is certain, at RE/MAX 365.  We believe the next recession will occur in the next two years.  To hedge yourself against this, it is wise to invest in real estate, Gold and Silver.

Finally, For More Information on Investing contact:  John McLain – Owner RE/MAX 365.  908-878-9356

Great Time to Sell Your Home

Now is a Great Time to Sell Your Home

Now is the Perfect Time to Sell Your House

As a homeowner, it’s always tempting to dream about the next big project you’re going to tackle. The possibilities are endless. Should I renovate? Should I refinance? Should I stay? Should I move? The list goes on and on.  Now is the Perfect time to sell your home.

In today’s housing market, it’s actually a great time to shift your thoughts toward selling your house and moving up into the home of your dreams. Here’s why:

Inventory is on the rise, but there’s still an overall shortage of houses for sale (less than a 6-month supply found in a more normal market), so homes are going under contract quickly. In fact, the National Association of Realtors (NAR) Realtors® Confidence Index Survey reports that right now homes are only staying on the market for an average of 27 days. That’s less than one month, an even more accelerated pace from the 36-day trend we saw last spring.

Average Days on Market
Average Days on Market

The same report also indicates there are more interested buyers than active sellers today, which is one of the big factors driving home prices higher.

Buyer Traffic to SelL
Home Buyers Traffic
Seller Traffic
Seller Traffic or Competition

This power combination provides an ideal environment for sellers aiming to close a quick sale and earn a big return as we wrap up the summer season.

Bottom Line

There’s still time to make a move before the school year starts and the fall weather sets in. Maybe it’s time to make a change. Let’s get together to determine if selling now is the right decision for your family.